Margin trading system, computer program and storage medium

ABSTRACT

Extensibility of a margin trading system is provided for and improvement of processing quality can be achieved easily. The margin trading system comprises a plurality of processing unit for receiving and processing order information from a plurality of trading terminals, a calculation unit for calculating a second sum value based on a first sum value which is the sum value of the order information received within a predetermined duration by each processing unit, an ordering unit for ordering each processing unit such that at least one of the first sum value is not less than the threshold value when the second sum value is not less than the threshold value and a cover-ordering unit for making a covering order to a transaction-covering bank terminal.

This application is a continuation of PCT Application No.PCT/JP2008/057878 filed Apr. 23, 2008, which in turn claims benefit ofPCT Application No. PCT/JP2007/059214 filed Apr. 27, 2007.

TECHNICAL FIELD

The present invention relates to a margin trading system, a computerprogram and storage media.

BACKGROUND ART

Recently, margin trades, that is the handling of loans, funds or foreignexchange and the like on behalf of financial organizations or individualinvestors, has become popular in the financial products market. Distinctfrom other exchange trading where funds for the full amount of the tradeis required up front, margin trades are executed with only a fraction ofthe full value placed on deposit; that is, the trade is said to beexecuted on margin.

In such margin trades, the margin trading company receives an order fromthe customer and executes the trade. In response to the order receivedfrom the customer, at this time, the margin trading company sends acovering order to a bank that covers transactions (hereinafter,transaction-covering bank).

The purpose of this covering order is to maintain the net position ofthe margin trading company so as to be flat. For example, when themargin trading company receives an order from the customer to purchase$1M and to sell $0.9M, the net position of the company is $0.1M($1M-$0.9M)(i.e., a $0.1M buying position from the customer and a $0.1Mselling position from the margin trading company) and the margin tradingcompany also bears the risk of fluctuations in currency exchange values.

In order to cancel or reduce this risk, the margin trading company canmake their position to be approximately flat by sending a covering orderto buy a certain rate amount (here for simplicity $0.1M).

A system structure to realize such margin trading is shown in FIG. 8. InFIG. 8, the system 1000 for margin trading is connected to atransaction-covering bank terminal 1010 and a user terminal 1020.

The system 1000 for margin trading receives ‘selling order’ or ‘buyingorder’ from the user terminal 1020. A lower application layer 1003 ofthe system 1000 for margin trading receives the selling or buyingorders. The lower application layer 1003 is composed of a plurality oflower application layer components (dedicated information processingterminals) and each lower application component notifies the businesslogic 1002 of the received order information.

The business logic 1002 is composed of a plurality of business logicapplication components (dedicated information processing terminals) andsynchronizes between components as to the order information,notification of which came from a corresponding lower applicationcomponent. Here, this synchronization between components is realized bywriting to a common database each time a given component receives anorder. That is, order information received by all components is managedin an integrated fashion in this database. By this operation, theposition in system 1000 for margin trading can be determined. Forinstance, in the above example, the position can be determined to be“selling position of $0.1M.”

After synchronizing the order information, the business logic 1002 sendsthe covering order to the terminal 1010 of the transaction-covering bankto make the position flat in response to the position information. Ifthe current position is “selling position of $0.1M”, then “buying orderof $0.1M” is sent.

As described above, in the existing system 1000 for margin trading, bysumming up the orders from a plurality of user terminals 1020, thecovering order is conducted to make the net position to be flat.

Japanese Patent Laid-Open No. 2006-189982 discloses a margin tradingsystem.

DISCLOSURE OF THE INVENTION Problem to be Solved by the Invention

In the existing system 1000 for margin trading, when the order isreceived from the user terminal 1020, this order information is writtenin the database and after writing is completed, receipt of the order issent to the user terminal 1020. That is, the order of the user is notcomplete until the writing in is complete. Naturally, as financialtrading requires prompt action, the immediacy of order processing is avery important factor.

Generally, methods of improving immediacy tend to increase the number oflower application components or business logic application components.However, as the number of components increases, the number of componentsto which the user terminal 1002 must access, and the number ofcomponents writing to the database also increases. As a result, a longeramount of time is required to complete the database write and theresponse time to the user terminal is degraded. Further, if thelocations of the components are geographically dispersed, a longeramount of time is required to complete the database write due to thedistance.

Thus, when the number of components is increased or the locations of thecomponents are dispersed a problem arises in that the response time forthe synchronization process is degraded.

As mentioned above, in the existing system for margin trading, due tothe limitation of extensibility of synchronization, it is difficult toimprove the quality of the system.

Accordingly, it is an object of the present invention to improve theextensibility of the system for margin trading as well as the qualityand ease of processing.

Measure to Resolve the Problem

According to an aspect of the present invention, a margin trading systembeing connectable to a plurality of trading terminals and atransaction-covering bank terminal via a network comprising,

a receiving unit operable to receive order information from theplurality of trading terminals,

a plurality of processing units respectively operable to executeacknowledgement receipt of the received order information,

a calculation unit operable to obtain a first sum value which is the sumvalue of the order information received within a predetermined durationby each processing unit and to calculate a second sum value based on theobtained first sum values,

an ordering unit operable to send an order to the respective processingunits so that at least one of the first sum values becomes no less thana threshold value, when the second sum value is not less than thethreshold value, and

a cover-ordering unit operable to conduct covering orders to thetransaction-covering bank terminal,

wherein the processing unit having the first sum value no less than thethreshold value instructs the cover-ordering unit to conduct thecovering order,

the cover-ordering unit conducts the covering order in response to theinstruction, and

each of the plurality of processing units includes an external storagedevice and conducts acknowledgement receipt based on the completion ofwrite of the received order information to the external storage device.

According to another aspect of the present invention, a margin tradingsystem being connectable to a plurality of trading terminals and atransaction-covering bank terminal via a network comprising,

a receiving unit operable to receive order information from theplurality of trading terminals,

a plurality of processing units respectively operable to executeacknowledgement receipt of the received order information,

a calculation unit operable to obtain a first sum value which is the sumvalue of the order information received within a predetermined durationby each processing unit and to calculate a second sum value based on theobtained first sum values,

a covering order instructing unit operable to instruct a cover-orderingunit to conduct the covering order when the second sum value is not lessthan the threshold value,

a cover ordering unit operable to send a covering order to thetransaction-covering bank terminal, and

an ordering unit operable to order each processing unit such that thefirst sum value of a first processing unit among the plurality of theprocessing units becomes equal to the second sum value after a coveringorder and the first sum values of the other processing units other thanthe first processing unit is canceled,

wherein each of the plurality of processing units includes an externalstorage device and conducts acknowledgement receipt based on thecompletion of write of the received order information in the externalstorage device.

Effect of the Invention

According to the present invention, the extensibility of the system formargin trading and improvement of the quality of processing can beeasily achieved.

BRIEF DESCRIPTION OF DRAWINGS

FIG. 1 is a diagram showing a margin trading system corresponding to anembodiment of the present invention.

FIG. 2 is a diagram showing an example of system for margin tradingcorresponding to the embodiment of the present invention.

FIG. 3 is a diagram showing hardware of a information processingterminal corresponding to the embodiment of the present invention.

FIG. 4 is a flowchart showing an example of the processing executed inthe PM terminal according to the embodiment of the present invention.

FIG. 5 is a flowchart showing an example of the processing executed inNPW 205 and NPC 206 according to the embodiment of the presentinvention.

FIG. 6A is a flowchart showing an example of the processing executed inNPC 206 according to the embodiment of the present invention.

FIG. 6B a flowchart showing another example of the processing executedin NPC 206 according to the embodiment of the present invention.

FIG. 7A shows an example of the information used in each PM terminalaccording to the embodiment of the present invention.

FIG. 7B shows an example of the information used in each PM terminalaccording to the embodiment of the present invention.

FIG. 8 is a diagram showing the construction of the existing margintrading system.

BEST MODE FOR CARRYING OUT THE INVENTION

An embodiment of the present invention will now be explained withreference to the attached drawings.

FIG. 1 shows a general construction of the margin trading systemaccording to an embodiment of the present invention; here it includes amargin trading system 101 for conducting the trading, a terminal 102 ofa transaction-covering bank for issuing a covering order, and a tradingterminals 103(A-N) for issuing the order to the system for margintrading and used by the customers such as finance companies andconnected to the network such as the Internet. The trading terminals 103comprise commodity-type personal computers.

The order information issued by the trading terminals 103 to the system101 for margin trading includes a brand name showing the subject of theorder, a segment identifying selling or buying, a yearly interest rateor unit price, an order amount (or order money amount, same hereinafter)and other trading conditions. This order information is provided fromthe system 101 for margin trading to respective trading terminal 103 anddisplayed on the display of respective trading terminals.

Next, the hardware construction of the system 101 for margin tradingwill be explained in detail with reference to FIG. 2. FIG. 2 is adiagram showing a hardware construction of the system for margintrading. The system 101 for margin trading has various types components,including routers 201, 210 and information processing terminals.

The router 201 is provided to allow connection to the trading terminalof the customer via the network 104. The router 201 is connected throughan Application Service Provider Gateway 202 and a bus 211. AnApplication Service Provider Gateway (AGW) is a component functioning asa lower application layer for receiving order information from thecustomer and for transmitting received order information to PM 203. AnAGW 202 can, for example, comprise three information processingterminals.

A Position Manager (PM) 203 is a component comprising, for example,three information processing terminals and three databases (DBs)provided to the information processing terminals. The respective PMterminals hold the order information received from AGW 202 in their owndatabase, manage their own positions and transmit summary information toNPW 205. And it instructs to prosecute the covering order autonomouslyto Dealing Order Controller 204 based on the position summaryinformation.

A Dealing Order Controller (DOC) 204 is a component comprising, forexample, three information processing terminals. The DOC 204 issues acovering order to the transaction-covering bank 102 through the GW 209in response to an instruction to execute the covering order from the PM203. A plurality of transaction-covering banks 102 may exist dependingon the types of transaction-covering bank and in this case, thetransaction-covering bank to which the covering order is issued isdetermined based on the rate information of each transaction-coveringbank provided by the PD 207.

A Net Position Watcher (NPW) 205 is a component comprising, for example,two information processing terminals. The NPW 205 receives the summaryinformation from all PM terminals and generates net summary informationfor the system. The net summary information is transmitted to the NPC206 together with each position summary.

A Net Position Controller (NPC) 206 is a component comprising, forexample, two information processing terminals. The NPC 206 issues theorder to respective PM terminals based on the net summary informationreceived from the NPW 205 and the respective position summaryinformation and adjusts the position between PM terminals.

A Price Distributer (PD) 207 manages the rate information presented bythe transaction-covering bank and provides the rate information to theDOC 204 in response to the request from the DOC 204.

The afore-mentioned PM 203, DOC 204, NPW 205, NPC 206 and PD 207function as a business logic application layer.

A gateway (GW) 209 is a component functioning as a gateway (upperapplication layer) to communicate with the transaction-covering bank andis comprised of, for example, two information processing terminals. Therouter 210 functions to provide a connection with thetransaction-covering bank 102 through the network to the GW 209. Thebuses 211, 212, 213 and 214 provide mutual connections among therespective routers and components.

Next, the hardware construction of the information processing terminalsforming the respective components of FIG. 2 with reference to FIG. 3.

In FIG. 3, the CPU 301 controls the information processing terminalsusing a program or data stored in RAM (Random Access Memory) 302 or ROM(Read Only Memory) 305 and executes processing for to allow theterminals to function as individual components. The RAM 302 has an areafor reading the processing program stored in the internal storage device307 and the information stored in the external storage device 308 and awork area for executing the various processing of the CPU 301.

The input unit 303 is the input means for receiving input from themanager of the information processing terminal and is composed of akey-board, a mouse and the like. The communications interface (I/F) 304functions as an I/F for connecting to the bus 211 and the like. The ROM305 stores a program (for example the boot program) for complete controlof the information processing terminal. The display unit 306 is adisplay such as a display screen and comprises a CRT, LCD or the like.

Reference numeral 307 is the internal storage device, is mainly composedof a hard disc and stores programs or application data for executingprocessing to achieve the functions of the components which belong tothe image processing terminal. The data stored herein is read out to aRAM 302, as necessary.

The external storage device 308 is the storage device used wheninformation processing terminal functions as the PM terminal and storethe order information received from AGW 202 as needed. The bus 309provides a mutual connection among the above blocks.

Next, the various processes of the system 101 for margin trading will beexplained.

First, FIG. 4 is a flowchart showing the flow of processing executed inthe respective PM terminals of the PM 203, one of the components formingthe system 101 for margin trading. The processing corresponding to theflowchart of FIG. 4 is realized by reading out the processing programstored in the internal storage device 307 in the PM terminal to the RAM302 and executing it using the CPU.

In FIG. 4, in step S401, a software timer in the CPU 301 is reset. Next,in step S402, it is determined whether order information has beenreceived. If order information has been received (“YES” in step S402),processing proceeds to step S403. If it has not been received, (“NO” instep S402) processing proceeds to step to S409. In step S409, it isdetermined based on the timer whether a predetermined amount of time haspassed. This predetermined amount of time may be selected to be onesecond. If the predetermined amount of time has passed (“YES” in stepS409), the processing proceeds to step S405. If the predetermined amountof time has not passed (“NO” in step S409), processing returns to stepS402 and receiving processing for order information continues.

Next, in step S403, the received order information is stored in theexternal storage device used for the database. When the database writeis complete, processing proceeds to step S404 and acknowledgement oforder receipt information is transmitted to AGW 202. After that,processing returns to S402 and the receiving processing of the orderinformation continues. The AGW 202 transfers the received acknowledgmentof order receipt information to the trading terminal 103 of the customerwhich transmitted the order information.

By the processing of steps S403 and S404, the respective PM terminalswrite to their own exclusive database and issue the acknowledgement oforder receipt. Thus, because the acknowledgement receipt process of anorder can be realized immediately, high response speed can be assuredupon order receipt. On the other hand, because the order informationreceived by respective PM terminals is stored in respective databases308, it is difficult to know the total position of the system. In orderto solve this problem, processing is executed subsequent to step S405.

In step S405, the position summary information is generated based on theorder information stored in the database 308. This summary informationis the sum of the order information received up until that time. In thepresent embodiment, it is assumed that the monetary amount of a buyingorder is a positive number, the monetary amount of a selling order is anegative number and the position summary information is calculated basedon the sum of the order amount.

For example, when a buying order of $50,000 (+50,000), a buying order of$100,000(+100,000) and a selling order of $30,000(−30,000) arrive duringone second, the net position information is50,000+100,000−30,000=120,000. Thus, the position summary information soobtained is transmitted to the NPW 205 in step S406.

In the following step S407, the position summary information valueOtotal and the threshold value Oth for determining whether the coveringorder is conducted are compared. The threshold value Oth can be set to,for example, $0.5M in response to the risk the company running themargin trading system is willing to accept.

When Ototal>=Oth (“YES” in step S407), processing proceeds to step S408.On the other hand, when Ototal<Oth (“NO” in step S407), processingproceeds to S401. In step S408, the instruction to execute the coveringorder is issued to the DOC 204 in response the value of the positionsummary information. And in the DOC 204, a covering order is issued inresponse to the instruction.

An example of the covering order will now be provided. For instance, letit be assumed that the value of the position summary information reaches$0.5M. In this case, as the sign of the position summary information ispositive, the buying order will proceed. So, for the covering order, aselling order is issued as an order opposite to the given buying order.In this case, an order of an amount equal to $0.5M may be issued or aselling order of a fixed rate (for example, as 60% $0.3M) may be issued.If a selling order of $0.3M is issued, the value of the position summarywould be lowered to $0.2M and the position summary would beapproximately flat.

Next, the processing executed in the NPW 205 and the NPC 206 will beexplained with reference to FIG. 5. FIG. 5 is a flowchart showing theflow of the processing in the NPW 205 and the NPC 206 forming the system101 for margin trading. The processing corresponding to the flowchart ofFIG. 5 is realized by reading out the processing program stored in theinternal storage device 307 to RAM 302 and executing it using the CPU301.

First, in step S501, the NPW 205 receives the position summaryinformation from the PM terminal. Next in step S502, the NPW determineswhether it has received position summary information from all PMterminals. If the NPW has received position summary information from allPM terminals (“YES” in step S502), processing proceeds to S503.

In step S503, the NPW 205 sums up the received position summaryinformation and calculates the net position information Np. This netposition information can be calculated by summing up the positioninformation. For example, assuming that three PM terminals are PM-1,PM-2 and PM-3, and they have notified their respective positions as+$0.1M, +$0.1M and +$0.4M, +$0.6M can be calculated as the positionsummary information.

Next, in step S504, the NPW 205 transmits the net position informationNp and the position summary information to the NPC 206. In step S505,the NPC 206 compares the received net position information Np and thepredetermined threshold value Pth. This threshold value Pth can be thesame value as Oth for determining whether the covering order should beissued.

If Np>=Pth (“YES” in step S505), processing proceeds to step S506; onthe other hand, if Np<Pth (“NO” in step S505), processing returns tostep 501 and the NPW 205 receives the position summary information.

In the above example where the position summary information is $+0.6M,supposing that the threshold value Pth is $0.5M, because $0.6M>$0.5M andit is higher than the threshold value, processing proceeds to step S506.

In step S506, the NPC 206 issues an order to the respective terminals inresponse to the position summary of the PM terminal. The processing ofthis order will now be explained in detail with reference to FIG. 6A.When the order processing is complete, processing returns to step S501and the NPW 205 receives the position summary information.

Next, the order processing to PM 203 executed by NPC 206 is explainedwith reference to FIG. 6A. FIG. 6A is a flowchart showing the flow ofthe processing executed in NPC 206 which is a component of the system101 for margin trading. The processing corresponding to the flowchart ofFIG. 6A is realized by reading the processing program stored in theinternal storage device 307 into the RAM 302 and executing it using theCPU 301.

First, in step S601, the PM terminal having the maximum position summaryinformation is determined. In this case, the absolute value of the netposition information is taken. That is, if the respective values are+$0.5M and −$0.7M, −$0.7M is larger than +$0.5M. Order processing willnow be explained with reference to the example shown in FIG. 7A.

FIG. 7A shows an example of position summary information, net summaryinformation and the threshold value Pth received from respective PMterminals PM-1 to PM-3. In this case, the position summary informationof PM-1 and PM-2 are +$0.1M, the position summary information of PM-3 is+$0.4M, so the net summary information is the summed value, +$0.6M.Because the threshold value, Pth is $0.5M, the net summary informationis greater than the threshold value Pth.

In this situation, in the step S601, the PM terminal having the maximumvalue can be determined to be PM-3.

Next, in step S602, the opposite order for canceling the positionsummary information of the respective terminals is issued to theremaining PM terminals. That is, in the example of FIG. 7A, a sellingorder of $0.1M is issued to PM-1 and PM-2. Here, the opposite order maynot have a value so as to cancel the respective position summaryinformation completely but may have a value such that the positionsummary information of the PM terminal subject to processing in stepS603 is higher than the threshold value.

In the following step S603, the further opposite order to the oppositeorder issued in step S602, having a number of orders so as to cancel thenumber of orders in step S602, is issued to the PM terminal having themaximum position summary information determined in step S601. In theexample of FIG. 7A, a buying order is issued to PM-3.

Order information based on the order processing in steps S602 and S603is treated as the order information received by the respective PMterminals in step S402. When the order information is received from theNPC 206 in step S402, acknowledgement of order receipt is transmitted tothe NPC 206 not the AGW 202.

As a result of this, the position summary information of respectiveterminals is changed. That is, order information for the entire systemis directed at one terminal; the terminal PM-3 to which all orders aredirected can issue instructions to execute covering orders to the DOC204 through the processing in steps S497 and S408.

Thus, by using the NPW 205 and the NPC 206, covering orders can beautomatically issued as needed by directing the orders to a single PMterminal.

In the example of FIG. 7A, the case is described wherein all positionsummary information in each terminal has the same sign. However, thereis a case where either selling proceeds (deviated to negative) or buyingproceeds (deviated to positive), terminal by terminal. In such a case,in order to reduce the risk, by executing a so called “crossing order”,fluctuations in the positions of respective terminals can be absorbed.

For example, when the position summary information of PM-1 is —$0.1M,the position summary information of PM-2 is −$0.2M and the positionsummary information of PM-3 is +$0.4M, the total selling order is $0.3Mand the total buying order is $0.4M. In this case, there is a total riskof $0.7M, that is, a selling risk of $0.3M and a buying risk of $0.4M.However, from the viewpoint of net position, only a buying order of$0.1M proceeds.

In such a situation, an opposite order of the same amount is issued tosome PM terminal in order to reduce risk and increase profit and thetotal position is made to be flat. That is, buy crossing orders of $0.1Mand $0.2M are issued to PM-1 and PM-2 respectively and a sell crossingorder of $0.3M is issued to PM-3.

With these crossing orders, the position summary information of PM-1 andPM-2 becomes 0 and the position summary information of PM-3 becomes$0.1M which is equal to the net position information and the risk thesystem is willing to bear.

When the signs of the position summary information are not equal, theprocessing of FIG. 6A may be executed after issuance of the crossingorder.

In the above explanation, while in step S601 of FIG. 6A, a PM terminalhaving the maximum position summary information is determined, theselected terminal may not necessarily be the PM terminal having themaximum position summary information. For example, any of plurality ofPM terminals including the PM terminal having the minimum positionsummary information may be determined. In this case, in the step S602,following the step S601, an opposite order is issued to the terminalsother than that determined in step S601; and in step S603, an order isissued to the terminal determined in step S601 in order to cancel theopposite order.

In still another case, the processing of steps S407 and S408 of FIG. 4may not be executed by a PM terminal. In this case, the covering ordercan be issued by the NPC 206. That is, the processing according to FIG.6B can be executed instead of that according to FIG. 6A.

In the flowchart of FIG. 6B, in step S611, the net position informationNp received from the NPW 205 is compared with the threshold value Othfor determining whether the covering order is issued. When the netposition information Np is greater than the threshold value Oth (“YES”in step S611), processing proceeds to step S612. In contrast, when thenet position information Np is smaller than the threshold value Oth(“NO” in step S611), processing is complete.

In step S612, the instruction to execute the covering order based on thenet position information Np is issued to the DOC 204. The DOC 204 issuedthe covering order in response to this instruction. The contents of thecovering order is the same as that explained in step S408 of FIG. 4 andan explanation here will be omitted. By this covering order processing,the value of the net position information Np is decreased by the amountof the covering order.

In the following step S613, one PM terminal is selected among aplurality of PM terminals comprising the PM 203. In the following stepS614, an opposite order is issued to a PM terminal other than thatselected in step S613 to cancel the position summary of the respectiveterminals. The processing here is same as that in step S602 of FIG. 6A.It will be explained with reference to the example of FIG. 7A; it isassumed that the PM terminal selected in step S613 is PM-1, that in stepS614, opposite orders of −$0.1M and −$0.4M are issued to PM-2 and PM-3,respectively and that the position summary information of respectiveterminals cancel.

In the following step S615, order processing is executed for conformingthe position summary information of the PM terminal selected in stepS613 to the value of the net position information Np after a coveringorder. For example, when the net position information Np is +$0.6M andthe covering order is −$0.3M, the net position information Np after thecovering order is +$0.3M. And so, in step S613, order processing of+$0.2M is executed on PM-1 for conforming the position summary of PM-1to the net summary information Np after the covering order. By thisprocessing, the respective position summary information of PM-1, PM-2and PM-3 becomes +$0.3M, 0 and 0, respectively. According to the aboveprocessing, the same position summary situation as that of FIGS. 4 and6A can be realized.

Due to the architecture of the system for margin trading of the presentembodiment, the respective PM terminals comprising the PM 203 can issuethe acknowledgement of order receipt by merely completing write to theirrespective databases. Therefore, even when the number of terminals isincreased or when terminals are geographically dispersed, the responsespeed of acknowledgement receipt is not decreased as with the prior art.Thus, extensibility of the system can be obtained with the presentinvention.

As the position of the total system is centrally controlled by the NPW205 or the NPC 206, the risk caused by not writing in the commondatabase in real time can be minimized. Central control by the NPW 205or the NPC 206 does not require real time response of acknowledgementreceipt, so the load of the system can be small.

The advantage of the system for margin trading according to the presentembodiment will be explained concretely by comparing it with the priorart.

For example, in the construction explained with reference to FIG. 8, letit be assumed that ten orders per second are received by both of twoterminals (AP1, AP2) forming the business logic 1002. In this case, asAP1 and AP2 write to their respective databases one by one, databasewrite processing is executed at a rate of 20 times per second. As thenumber of terminals forming the business logic is further increased, therate of database write processing is also increased by 10 times thenumber of terminals. Thus, the number of receipts of order information(the number of trades) is in proportional to the number of databasewrite processing.

In contrast with this, in the system construction according to thepresent embodiment, even if 10 orders are input per second to PMterminals PM-1 to PM-3 for receiving order information, position summaryinformation is only transmitted once per second from a given PM terminalto the NPW 205. The number of transmissions of the position summaryinformation is always fixed regardless of the number of orders processedin a given PM terminal. Accordingly, the NPW 205 processes the samenumber of the position summaries as that of all other PM terminals; evenif the number of PM terminals is increased, the increase in the amountof processing is proportional to the increase in the number of terminalsand the increase in the number of trades has no relation to the amountof processing.

As mentioned above, in prior art systems, as the processing load ofprocessing for obtaining position information of the total systemincreases proportionately as the number of trades or the number ofterminals of the business logic is increased, the extensibility of thesystem is impeded and the response speed of order processing isdegraded. In contrast with this, in the present embodiment, an increaseof the number of the trades relative to the processing required toobtain position information of the total system can be negligible andattention need be paid only to increases in the number of terminals. So,it is possible to have system extensibility. Further, because theacknowledgement receipt of orders is completed within the PM terminal,the response speed is not reduced. If the number of terminals becomesinsufficient, the extensibility of the system allows the number ofterminals to be increased.

OTHER EMBODIMENTS

A computer can execute the processing as explained above (for example,the processing according to the flowchart shown in the embodiment) bystoring it as a program in a storage medium, such as CD-R, CD-ROM,DVD-ROM or MO readable by the computer and reading (installing orcopying) the program stored in this storage medium using the computer.Accordingly, it is clear that the computer program and the storage mediaare also within the scope of the invention.

1. A margin trading system connectable to a plurality of tradingterminals and a transaction-covering bank terminal via a network,comprising: a receiving apparatus that receives order information fromsaid plurality of trading terminals; a plurality of processingapparatuses, each processing apparatus comprising an external storagedevice; a writing unit configurable to write the received orderinformation to the external storage device; a first transmitting unitconfigurable to transmit an order receipt notification to said receivingapparatus in response to the completion of write of the received orderinformation to the external storage device; and a calculating unitconfigurable to calculate a first sum value of the order informationstored in the external storage device per predetermined time period; acalculation apparatus that obtains the first sum values each of whichwas calculated by each processing apparatus and calculates a second sumvalue based on the obtained first sum values; and an ordering apparatus,comprising a comparing unit configurable to compare the second sum valuecalculated by said calculation apparatus with a threshold value; adetermination unit configurable to determine a first processingapparatus among the plurality of processing apparatuses, when the secondsum value is not less than the threshold value; a creation unitconfigurable to create first order information which cancels the firstsum value of the processing apparatus other than the first processingapparatus and to create second order information which cancels the firstorder information; and a second transmitting unit configurable totransmit the first order information to the processing apparatus otherthan the first processing apparatus and to transmit the second orderinformation to the first processing apparatus; and a cover-orderingapparatus that conducts covering orders to the transaction-covering bankterminal, wherein said receiving apparatus transmits the order receiptnotification received from said processing apparatus to thecorresponding trading terminal, the first transmitting unit is furtherconfigurable to compare the first sum value with the threshold valueand, when the first sum value is not less than the threshold value,transmits an instruction of the covering order to said cover-orderingapparatus, and said cover-ordering apparatus transmits covering orderinformation of predetermined money amount to the transaction-coveringbank terminal in response to the instruction of the cover ordering.
 2. Amargin trading system connectable to a plurality of trading terminalsand a transaction-covering bank terminal via a network, comprising: areceiving apparatus that receives order information from said pluralityof trading terminals; a plurality of processing apparatuses, eachprocessing apparatus comprising an external storage device; a writingunit configurable to write the received order information to theexternal storage device; a first transmitting unit configurable totransmit an order receipt notification to said receiving apparatus inresponse to the completion of write of the received order information tothe external storage device; and a calculating unit configurable tocalculate a first sum value of the order information stored in theexternal storage device per predetermined time period; a calculationapparatus that obtains the first sum values each of which was calculatedby each processing apparatus and calculates a second sum value based onthe obtained first sum values; an ordering apparatus, comprising acomparing unit configurable to compare the second sum value calculatedby said calculation apparatus with a threshold value; and a coveringorder instructing unit configurable to instruct the covering order whenthe second sum value is not less than the threshold value; and a coverordering apparatus that sends a covering order to thetransaction-covering bank terminal in response to the covering order,wherein said ordering apparatus further comprises an ordering unitconfigurable to order each processing apparatus such that the first sumvalue of a first processing unit among said plurality of the processingapparatuses becomes equal to the second sum value after the coveringorder and the first sum values of the processing apparatus other thanthe first processing unit is canceled.
 3. A margin trading systemaccording to claim 1 or 2, wherein the order information includes buyingorder information and selling order information; and the first sum valueis calculated based on the sum value of the amount of the order ofrespective processing apparatuses when a positive sign is given to theamount of a buying order and a negative sign is given to the amount of aselling order.
 4. A computer, comprising a program, wherein the programinstructs said computer to function as a margin trading systemconnectable to a plurality of trading terminals and atransaction-covering bank terminal via a network, comprising: areceiving apparatus that receives order information from said pluralityof trading terminals; a plurality of processing apparatuses, eachprocessing apparatus comprising an external storage device; a writingunit configurable to write the received order information to theexternal storage device; a first transmitting unit configurable totransmit an order receipt notification to said receiving apparatus inresponse to the completion of write of the received order information tothe external storage device; and a calculating unit configurable tocalculate a first sum value of the order information stored in theexternal storage device per predetermined time period; a calculationapparatus that obtains the first sum values each of which was calculatedby each processing apparatus and calculates a second sum value based onthe obtained first sum values; an ordering apparatus, comprising acomparing unit configurable to compare the second sum value calculatedby said calculation apparatus with a threshold value; a determinationunit configurable to determine a first processing apparatus among theplurality of processing apparatuses, when the second sum value is notless than the threshold value; a creation unit configurable to createfirst order information which cancels the first sum value of theprocessing apparatus other than the first processing apparatus and tocreate second order information which cancels the first orderinformation; and a second transmitting unit configurable to transmit thefirst order information to the processing apparatus other than the firstprocessing apparatus and to transmit the second order information to thefirst processing apparatus; and a cover-ordering apparatus that conductscovering orders to the transaction-covering bank terminal, wherein saidreceiving apparatus transmits the order receipt notification receivedfrom said processing apparatus to the corresponding trading terminal,the first transmitting unit is further configurable to compare the firstsum value with the threshold value and, when the first sum value is notless than the threshold value, transmits an instruction of the coveringorder to said cover-ordering apparatus, and said cover-orderingapparatus transmits covering order information of predetermined moneyamount to the transaction-covering bank terminal in response to theinstruction of the cover ordering.
 5. A storage medium that stores acomputer program for allowing a computer to function as a margin tradingsystem connectable to a plurality of trading terminals and atransaction-covering bank terminal via a network, comprising: areceiving apparatus that receives order information from said pluralityof trading terminals; a plurality of processing apparatuses, eachprocessing apparatus comprising an external storage device; a writingunit configurable to write the received order information to theexternal storage device; a first transmitting unit configurable totransmit an order receipt notification to said receiving apparatus inresponse to the completion of write of the received order information tothe external storage device; and a calculating unit configurable tocalculate a first sum value of the order information stored in theexternal storage device per predetermined time period; a calculationapparatus that obtains the first sum values each of which was calculatedby each processing apparatus and calculates a second sum value based onthe obtained first sum values; and an ordering apparatus, comprising acomparing unit configurable to compare the second sum value calculatedby said calculation apparatus with a threshold value; a determinationunit configurable to determine a first processing apparatus among theplurality of processing apparatuses, when the second sum value is notless than the threshold value; a creation unit configurable to createfirst order information which cancels the first sum value of theprocessing apparatus other than the first processing apparatus and tocreate second order information which cancels the first orderinformation; and a second transmitting unit configurable to transmit thefirst order information to the processing apparatus other than the firstprocessing apparatus and to transmit the second order information to thefirst processing apparatus; and a cover-ordering apparatus that conductscovering orders to the transaction-covering bank terminal, wherein saidreceiving apparatus transmits the order receipt notification receivedfrom said processing apparatus to the corresponding trading terminal,the first transmitting unit is further configurable to compare the firstsum value with the threshold value and, when the first sum value is notless than the threshold value, transmits an instruction of the coveringorder to said cover-ordering apparatus, and said cover-orderingapparatus transmits covering order information of predetermined moneyamount to the transaction-covering bank terminal in response to theinstruction of the cover ordering.
 6. A computer, comprising a program,wherein the program instructs said computer to function as a margintrading system connectable to a plurality of trading terminals and atransaction-covering bank terminal via a network, comprising: areceiving apparatus that receives order information from said pluralityof trading terminals; a plurality of processing apparatuses, eachprocessing apparatus comprising an external storage device; a writingunit configurable to write the received order information to theexternal storage device; a first transmitting unit configurable totransmit an order receipt notification to said receiving apparatus inresponse to the completion of write of the received order information tothe external storage device; and a calculating unit configurable tocalculate a first sum value of the order information stored in theexternal storage device per predetermined time period; a calculationapparatus that obtains the first sum values each of which was calculatedby each processing apparatus and calculates a second sum value based onthe obtained first sum values; and an ordering apparatus, comprising acomparing unit configurable to compare the second sum value calculatedby said calculation apparatus with a threshold value; a determinationunit configurable to determine a first processing apparatus among theplurality of processing apparatuses, when the second sum value is notless than the threshold value; a creation unit configurable to createfirst order information which cancels the first sum value of theprocessing apparatus other than the first processing apparatus and tocreate second order information which cancels the first orderinformation; and a second transmitting unit configurable to transmit thefirst order information to the processing apparatus other than the firstprocessing apparatus and to transmit the second order information to thefirst processing apparatus; and a cover-ordering apparatus that conductscovering orders to the transaction-covering bank terminal, wherein saidreceiving apparatus transmits the order receipt notification receivedfrom said processing apparatus to the corresponding trading terminal,the first transmitting unit is further configurable to compare the firstsum value with the threshold value and, when the first sum value is notless than the threshold value, transmits an instruction of the coveringorder to said cover-ordering apparatus, said cover-ordering apparatustransmits covering order information of predetermined money amount tothe transaction-covering bank terminal in response to the instruction ofthe cover ordering, the order information includes buying orderinformation and selling order information, and the first sum value iscalculated based on the sum value of the amount of the order ofrespective processing apparatuses when a positive sign is given to theamount of a buying order and a negative sign is given to the amount of aselling order.
 7. A storage medium that stores a computer programallowing a computer to function as a margin trading system connectableto a plurality of trading terminals and a transaction-covering bankterminal via a network, comprising: a receiving apparatus that receivesorder information from said plurality of trading terminals; a pluralityof processing apparatuses, each processing apparatus comprising anexternal storage device; a writing unit configurable to write thereceived order information to the external storage device; a firsttransmitting unit configurable to transmit an order receipt notificationto said receiving apparatus in response to the completion of write ofthe received order information to the external storage device; and acalculating unit configurable to calculate a first sum value of theorder information stored in the external storage device perpredetermined time period; a calculation apparatus that obtains thefirst sum values each of which was calculated by each processingapparatus and calculates a second sum value based on the obtained firstsum values; and an ordering apparatus, comprising a comparing unitconfigurable to compare the second sum value calculated by saidcalculation apparatus with a threshold value; a determination unitconfigurable to determine a first processing apparatus among theplurality of processing apparatuses, when the second sum value is notless than the threshold value; a creation unit configurable to createfirst order information which cancels the first sum value of theprocessing apparatus other than the first processing apparatus and tocreate second order information which cancels the first orderinformation; and a second transmitting unit configurable to transmit thefirst order information to the processing apparatus other than the firstprocessing apparatus and to transmit the second order information to thefirst processing apparatus; and a cover-ordering apparatus that conductscovering orders to the transaction-covering bank terminal, wherein saidreceiving apparatus transmits the order receipt notification receivedfrom said processing apparatus to the corresponding trading terminal,the first transmitting unit is further configurable to compare the firstsum value with the threshold value and, when the first sum value is notless than the threshold value, transmits an instruction of the coveringorder to said cover-ordering apparatus, said cover-ordering apparatustransmits covering order information of predetermined money amount tothe transaction-covering bank terminal in response to the instruction ofthe cover ordering, the order information includes buying orderinformation and selling order information, and the first sum value iscalculated based on the sum value of the amount of the order ofrespective processing apparatuses when a positive sign is given to theamount of a buying order and a negative sign is given to the amount of aselling order.
 8. A computer, comprising a program, wherein the programinstructs said computer to function as a margin trading systemconnectable to a plurality of trading terminals and atransaction-covering bank terminal via a network, comprising: areceiving apparatus that receives order information from said pluralityof trading terminals; a plurality of processing apparatuses, eachprocessing apparatus comprising an external storage device; a writingunit configurable to write the received order information to theexternal storage device; a first transmitting unit configurable totransmit an order receipt notification to said receiving apparatus inresponse to the completion of write of the received order information tothe external storage device; and a calculating unit configurable tocalculate a first sum value of the order information stored in theexternal storage device per predetermined time period; a calculationapparatus that obtains the first sum values each of which was calculatedby each processing apparatus and calculates a second sum value based onthe obtained first sum values; an ordering apparatus, comprising acomparing unit configurable to compare the second sum value calculatedby said calculation apparatus with a threshold value; and a coveringorder instructing unit configurable to instruct the covering order whenthe second sum value is not less than the threshold value; and a coverordering apparatus that sends a covering order to thetransaction-covering bank terminal in response to the covering order,wherein said ordering apparatus further comprises an ordering unitconfigurable to order each processing apparatus such that the first sumvalue of a first processing unit among said plurality of the processingapparatuses becomes equal to the second sum value after the coveringorder and the first sum values of the processing apparatus other thanthe first processing unit is canceled.
 9. A storage medium that stores acomputer program for allowing a computer to function as a margin tradingsystem connectable to a plurality of trading terminals and atransaction-covering bank terminal via a network, comprising: areceiving apparatus that receives order information from said pluralityof trading terminals; a plurality of processing apparatuses, eachprocessing apparatus comprising an external storage device; a writingunit configurable to write the received order information to theexternal storage device; a first transmitting unit configurable totransmit an order receipt notification to said receiving apparatus inresponse to the completion of write of the received order information tothe external storage device; and a calculating unit configurable tocalculate a first sum value of the order information stored in theexternal storage device per predetermined time period; a calculationapparatus that obtains the first sum values each of which was calculatedby each processing apparatus and calculates a second sum value based onthe obtained first sum values; an ordering apparatus, comprising acomparing unit configurable to compare the second sum value calculatedby said calculation apparatus with a threshold value; and a coveringorder instructing unit configurable to instruct the covering order whenthe second sum value is not less than the threshold value; and a coverordering apparatus that sends a covering order to thetransaction-covering bank terminal in response to the covering order,wherein said ordering apparatus further comprises an ordering unitconfigurable to order each processing apparatus such that the first sumvalue of a first processing unit among said plurality of the processingapparatuses becomes equal to the second sum value after the coveringorder and the first sum values of the processing apparatus other thanthe first processing unit is canceled.
 10. A computer, comprising aprogram, wherein the program instructs said computer to function as amargin trading system connectable to a plurality of trading terminalsand a transaction-covering bank terminal via a network, comprising: areceiving apparatus that receives order information from said pluralityof trading terminals; a plurality of processing apparatuses, eachprocessing apparatus comprising an external storage device; a writingunit configurable to write the received order information to theexternal storage device; a first transmitting unit configurable totransmit an order receipt notification to said receiving apparatus inresponse to the completion of write of the received order information tothe external storage device; and a calculating unit configurable tocalculate a first sum value of the order information stored in theexternal storage device per predetermined time period; a calculationapparatus that obtains the first sum values each of which was calculatedby each processing apparatus and calculates a second sum value based onthe obtained first sum values; an ordering apparatus, comprising acomparing unit configurable to compare the second sum value calculatedby said calculation apparatus with a threshold value; and a coveringorder instructing unit configurable to instruct the covering order whenthe second sum value is not less than the threshold value; and a coverordering apparatus that sends a covering order to thetransaction-covering bank terminal in response to the covering order,wherein said ordering apparatus further comprises an ordering unitconfigurable to order each processing apparatus such that the first sumvalue of a first processing unit among said plurality of the processingapparatuses becomes equal to the second sum value after the coveringorder and the first sum values of the processing apparatus other thanthe first processing unit is canceled, the order information includesbuying order information and selling order information, and the firstsum value is calculated based on the sum value of the amount of theorder of respective processing apparatuses when a positive sign is givento the amount of a buying order and a negative sign is given to theamount of a selling order.
 11. A storage medium that stores a computerprogram allowing a computer to function as a margin trading systemconnectable to a plurality of trading terminals and atransaction-covering bank terminal via a network, comprising: areceiving apparatus that receives order information from said pluralityof trading terminals; a plurality of processing apparatuses, eachprocessing apparatus comprising an external storage device; a writingunit configurable to write the received order information to theexternal storage device; a first transmitting unit configurable totransmit an order receipt notification to said receiving apparatus inresponse to the completion of write of the received order information tothe external storage device; and a calculating unit configurable tocalculate a first sum value of the order information stored in theexternal storage device per predetermined time period; a calculationapparatus that obtains the first sum values each of which was calculatedby each processing apparatus and calculates a second sum value based onthe obtained first sum values; an ordering apparatus, comprising acomparing unit configurable to compare the second sum value calculatedby said calculation apparatus with a threshold value; and a coveringorder instructing unit configurable to instruct the covering order whenthe second sum value is not less than the threshold value; and a coverordering apparatus that sends a covering order to thetransaction-covering bank terminal in response to the covering order,wherein said ordering apparatus further comprises an ordering unitconfigurable to order each processing apparatus such that the first sumvalue of a first processing unit among said plurality of the processingapparatuses becomes equal to the second sum value after the coveringorder and the first sum values of the processing apparatus other thanthe first processing unit is canceled, the order information includesbuying order information and selling order information, and the firstsum value is calculated based on the sum value of the amount of theorder of respective processing apparatuses when a positive sign is givento the amount of a buying order and a negative sign is given to theamount of a selling order.